Silver sees notable rise, gold prices decline slightly

New Delhi, July 29 (IANS) The price of silver recorded a significant increase, while gold prices registered a modest decline on Tuesday.

Silver's price increased from Rs 1,12,984 to Rs 1,13,307 per kilogram, a Rs 323 increase, according to the India Bullion and Jewellers Association (IBJA).

The metal price has been hovering over Rs 1,10,000 per kg for the last few trading sessions. Meanwhile, it has touched an all-time high of Rs 1,15,850/kg on July 23.

Silver is no longer just a precious metal - it is a modern asset class backed by industrial relevance and historical trust that offers a compelling dual advantage, Client Associates (CA) said in its report.

This unique combination makes silver a powerful portfolio diversifier, with the potential to deliver 15–20 per cent upside over the next 12–24 months, the firm said.

The dual usage differentiates silver from traditional precious metals and connects its price movements to both global uncertainty and technological growth cycles, the report stated.

Meanwhile, the price of 24-carat gold dropped from Rs 98,446 to Rs 98,296 per 10 grams on Monday, as per IBJA.

Similarly, the price of 22-carat gold dropped by Rs 138, from Rs 90,177 to Rs 90,039 per 10 grams. In addition, the price of 18-carat gold dropped by Rs 113, from Rs 73,835 on Monday to Rs 73,722 per 10 grams today.

Silver and gold are both trading higher in the futures market. The gold futures contract for August 5, 2025, rose by 0.27 per cent to Rs 97,804 on the Multi-Commodity Exchange (MCX). Likewise, the September 5, 2025, silver futures contract increased by 0.2 per cent to Rs 1,13,281.

Both precious metals saw slight increases in price on the global stage. Silver gained 0.15 per cent to trade at $38.28 per ounce on the COMEX, while gold increased by about 0.25 per cent to $3,318.40 per ounce.

Ahead of the US Federal Reserve's two-day policy meeting, analysts blame the current price trends on investor sentiment. Consequently, gold was trading at Rs 97,900 on the domestic market, but it showed a stronger gain of 0.30 per cent on the COMEX, rising to $3,325 per ounce.

"Gold prices traded slightly higher at Rs 97,900 with gains of Rs 350, while Comex gold rose by 0.30 per cent to $3,325 amid the ongoing two-day U.S. Federal Reserve policy meeting, said Jateen Trivedi of LKP Securities.

Gold is likely to move within the range of Rs 97,000–Rs 98,650 in the near term, the analyst said.

--IANS

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